隆平高科：2024中报点评：外汇贷款汇兑损失拖累业绩，上半年扣非归母净利润同比-304%

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company's performance in H1 2024 was impacted by foreign exchange loan losses, leading to a significant decline in net profit when excluding non-recurring gains [5][6]. - The rice seed business showed growth, with revenue increasing by 19.61% year-on-year, driven by high-quality new varieties [5][6]. - The corn seed business faced challenges, with domestic revenue declining by 9.87% due to changes in distributor purchasing patterns [6][11]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.582 billion yuan, a decrease of 1.28% year-on-year. The net profit attributable to shareholders was 111 million yuan, up 169.19%, primarily due to a 340 million yuan investment gain from selling equity in Longping Biology. However, the net profit excluding non-recurring items was -258 million yuan, a decline of 304.34% [5][6]. - The company's financial metrics for 2024-2026 are projected to show a net profit of 510 million yuan, 630 million yuan, and 730 million yuan respectively, with corresponding earnings per share of 0.39 yuan, 0.48 yuan, and 0.55 yuan [11][12]. Rice Business - The rice seed segment generated revenue of 837 million yuan in H1 2024, reflecting a year-on-year increase of 19.61%, with a gross margin of 39.55% [5][6]. - Key subsidiaries such as Longping Seed Industry and Yahua Seed Industry reported significant revenue growth, with increases of 20.66% and 36.29% respectively [5][6]. Corn Business - The corn seed segment reported revenue of 1.228 billion yuan in H1 2024, down 9.87% year-on-year, with a gross margin of 18.13% [6][11]. - Notable subsidiaries experienced varied performance, with Lianchuang Seed Industry's revenue declining by 38.64%, while Hebei Xuntian saw a revenue increase of 6.24% [6][11]. Future Outlook - The company is positioned as a leading player in the domestic corn seed market, with expectations for growth as the penetration rate of genetically modified corn increases [11][12].